Foraco International (TSE:FAR) Shares Cross Above 200 Day Moving Average – Here’s Why

Foraco International SA (TSE:FAR) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$2.65 and traded as high as C$3.11. Foraco International shares last traded at C$3.10, with a volume of 1,090,179 shares traded.

Analyst Ratings Changes

Separately, Desjardins raised their target price on shares of Foraco International from C$3.00 to C$4.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$4.50.

Foraco International Price Performance

The company’s fifty day moving average price is C$2.86 and its 200 day moving average price is C$2.65. The company has a market capitalization of C$303.65 million, a P/E ratio of 21.07 and a beta of 1.09. The company has a quick ratio of 0.88, a current ratio of 1.24 and a debt-to-equity ratio of 107.63.

Foraco International (TSE:FAR) last announced its earnings results on Thursday, April 30th. The company reported C$0.01 EPS for the quarter. Foraco International had a net margin of 5.43% and a return on equity of 15.14%. The company had revenue of C$92.11 million for the quarter. As a group, sell-side analysts forecast that Foraco International SA will post 0.5984655 EPS for the current year.

Insider Activity

In other news, Director William Warren Holmes purchased 17,000 shares of Foraco International stock in a transaction that occurred on Monday, March 16th. The shares were acquired at an average price of C$2.84 per share, for a total transaction of C$48,280.00. Following the transaction, the director owned 450,001 shares of the company’s stock, valued at approximately C$1,278,002.84. The trade was a 3.93% increase in their position. Corporate insiders own 35.74% of the company’s stock.

About Foraco International

Foraco International SA is the business of providing mineral and water drilling services and hydraulic drilling. It specializes in drilling in harsh environments and isolated locations including desert, and mountainous regions. The principal sources of revenue consist of drilling contracts for companies involved in mining and water exploration. The group has its operations in Europe, the Middle East and Africa, North America, South America and the Asia Pacific.